[For Information Purpose Only]
November 21, 2016
To All Concerned Parties
Name of REIT Issuer:
Invincible Investment Corporation
Name of representative:
Naoki Fukuda, Executive Director
Roppongi Hills Mori Tower
6-10-1 Roppongi, Minato-ku, Tokyo, Japan(Securities code: 8963)
Asset manager:
Consonant Investment Management Co., Ltd.
Naoki Fukuda, CEOContact: Jun Komo
General Manager of Planning Department(Tel. +81-3-5411-2731)

Notice Concerning Changes of Master Lessee and Property Manager
Invincible Investment Corporation (“INV”) decided today to change the master lessee (“ML”)
and property manager (“PM”) for the properties listed below.
1. Details of Changes
No.

Property Name

A41

Acseeds Tower Kawaguchi-Namiki

Access Group Inc.

Goodworks Co., Ltd.

A64

Royal Park Omachi

One-Eyed Capital Advisers, Inc.

Goodworks Co., Ltd.

A65

Lexington Square Haginomachi

One-Eyed Capital Advisers, Inc.

Goodworks Co., Ltd.

A71

Lexington Square Daitabashi

NISSHIN KANZAI Company, Limited

Goodworks Co., Ltd.

A72

Lexington Square Honjo Azumabashi

NISSHIN KANZAI Company, Limited

Mitsui Home Estate Co., Ltd.

A77

Invoice Shin-Kobe Residence

Haseko Livenet, Inc.

Goodworks Co., Ltd.

A78Cosmo Court Motomachi

Global Community Co., Ltd.

Goodworks Co., Ltd.

A86

Salvo Sala

Daygran Inc.

Goodworks Co., Ltd.

A88

Luna Court Edobori

Nihon Housing Co., Ltd.

Goodworks Co., Ltd.

A89

Winntage Kobe Motomachi

Global Community Co., Ltd.

Goodworks Co., Ltd.

A91

Corp Higashinotoin

Global Community Co., Ltd.

Goodworks Co., Ltd.

A94

Prime Life Sannomiya Isogami Koen

Global Community Co., Ltd.

Goodworks Co., Ltd.

A95

HERMITAGE NANBA WEST

Daygran Inc.

Goodworks Co., Ltd.

A97

West Avenue

Joint Property Co., Ltd.

Goodworks Co., Ltd.

A99

Prime Life Mikage

Global Community Co., Ltd.

Goodworks Co., Ltd.

A101

Lieto Court Mukojima

Taisei Housy Property Co., Ltd.

Mitsui Home Estate Co., Ltd.

A102

Lieto Court Nishi-Ojima

Taisei Housy Property Co., Ltd.

Mitsui Home Estate Co., Ltd.

Old ML/PM

New ML/PM

This English language notice is a translation of the Japanese-language notice released on November 21, 2016 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

12. Effective Date of Change(1) 16 properties excluding Acseeds Tower Kawaguchi-Namiki (A41)
December 1, 2016 (Expected)(2) Acseeds Tower Kawaguchi-Namiki (A41)
January 1, 2017 (Expected)
3. Reason for Changes
INV aims to further improve its operational efficiency as well as property performance byconsolidating its diversified ML/PM.
4. Profile of New ML/PM(1) Goodworks Co., Ltd.
NameAddress
Representative
CapitalPrincipal Business

Relationship with INV orAsset Management
Company

Goodworks Co., Ltd.
3-1-15, Nihonbashi Ningyocho, Chuo Ward, Tokyo
Tadahiro Shinmura, President & CEO
JPY 20 million (as of April 1, 2016)
Property management business(Substitution of management of income property(condominium building, etc.))
 Building management services Leasing services
 Tenant management services
 Reporting services
 Value-add services
Real estate brokerage and consulting business Real estate brokerage services
 Real estate solution services
 Construction design and supervision services
The ML/PM does not have any capital, personnel, orbusiness relationship of note with INV or its asset
management company. In addition, the ML/PM is not aninterested party of INV or its asset management company.

This English language notice is a translation of the Japanese-language notice released on November 21, 2016 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

2(2) Mitsui Home Estate Co., Ltd.
NameAddress
Representative
CapitalPrincipal Business

Relationship with INV or
Asset ManagementCompanyMitsui Home Estate Co., Ltd.
2-3-11, Fujimi, Chiyoda Ward, Tokyo
Takenobu Nozawa, President & CEO
JPY 100 million (as of April 1, 2016)
 Consulting services for land use Planning, leasing, and comprehensive management ofrental properties Real estate sales and brokerage services
 Planning and undertaking renovation and repair works
 Insurance agency services
The ML/PM does not have any capital, personnel, orbusiness relationship of note with INV or its asset
management company. In addition, the ML/PM is not aninterested party of INV or its asset management company.

5. Future Outlook
The changes of ML/PM are expected to have no impact on INV’s financial forecasts for thefiscal period ending December 2016 (July 1, 2016 to December, 2016). The financial forecasts
remain unchanged.

Website of INV: http://www.invincible-inv.co.jp/eng

This English language notice is a translation of the Japanese-language notice released on November 21, 2016 and was prepared solely for the convenience of, andreference by, non-Japanese investors. It is not intended as an inducement or solicitation for investment. We caution readers to undertake investment decisions basedon their own investigation and responsibility. This translation of the original Japanese-language notice is provided for informational purposes only, and no warranties orassurances are given regarding the accuracy or completeness of this English translation. Readers are advised to read the original Japanese-language notice. In theevent of any discrepancy between this translation and the Japanese original, the latter shall prevail in all respects.

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